Automated Market Makers (AMMs) allow digital assets to be traded without authorization and automatically using pools of liquidity instead of a traditional market of buyers and sellers.
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In other words, AMM is the underlying protocol that powers all decentralized exchanges (DEXs), which in turn allows users to exchange cryptocurrencies directly without the need for an intermediary. AMMs automate the price discovery and order matching process on the exchange. Let’s take a look at the 10 largest AMM cryptocurrencies.
The 10 largest AMM cryptocurrencies
We used the market cap of AMM cryptocurrencies as of February 21, 2023 (from coinmarketcap.com) to rank the 10 largest AMM cryptocurrencies. Here are the 10 largest AMM cryptocurrencies:
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Mdex (MDX)
Launched in 2021, Mdex is a decentralized exchange protocol based on the concept of fund pools. The MDX is up over 52% year-to-date, taking its 90-day return to over 15%. As of this writing, MDX is trading at $0.1048, giving the cryptocurrency a market cap of more than $99 million. MDX has an all-time high of $10.06 (February 2021) and an all-time low of $0.05961 (September 2022).
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Kyber Network Crystal v2 (KNC)
It is a multi-chain hub of liquidity protocols that combines liquidity from multiple sources to offer secure and instant transactions on DApp (decentralized application). KNC is up over 93% year-to-date, bringing the 90-day yield to over 49%.
As of this writing, KNC is trading at $0.8708, giving it a market cap of more than $143 million. KNC has an all-time high of $5.72 (April 2021) and an all-time low of $0.4489 (January 2023).
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Anyswap (ANY)
Launched in 2020, Anyswap allows for the exchange of tokens across numerous platforms. ANY is up almost 173% year to date, taking the 90-day return to over 229%. As of this writing, ANY is trading at $12.46 which is a market cap of more than $232 million. ANY has an all-time high of $34.24 (January 2022) and an all-time low of $0.08365 (January 2021).
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SushiSwap (SUSHI)
Launched in 2020, SushiSwap aims to diversify the AMM market and add new features to it. SUSHI is up nearly 55% year-to-date, bringing the 90-day return to over 20%. As of this writing, SUSHI is trading at $1.45, which is a market cap of more than $322 million. SUSHI has an all-time high of $23.38 (March 2021) and an all-time low of $0.4737 (November 2020).
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Balancers (BAL)
Launched in 2020, Balancer is a self-balancing weighted portfolio, price sensor and liquidity provider. BAL is up nearly 40% year to date, bringing its 90-day yield to nearly 33%. As of this writing, BAL is trading at $7.27, which represents a market cap of more than $343 million. BAL has an all-time high of $74.77 (May 2021) and an all-time low of $3.65 (June 2022).
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1 inch network (1 INCH)
1inch Network brings together decentralized protocols to ensure lucrative, fast, and secure operations in the DeFi space. 1INCH is up nearly 65% year-to-date, bringing the 90-day return to nearly 19%.
As of this writing, 1INCH is trading at $0.6389, which is a market cap of more than $507 million. 1 INCH has an all-time high of $7.87 (May 2021) and an all-time low of $0.3738 (December 2022).
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loop ring (LRC)
Launched in 2017, Loopring is an open protocol that facilitates the development of decentralized crypto exchanges. LRC is up over 126% year-to-date, bringing the 90-day return to over 78%.
As of this writing, LRC is trading at $0.4242, which is a market cap of more than $564 million. LRC has an all-time high of $3.83 (November 2021) and an all-time low of $0.01986 (December 2019).
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PancakeSwap (cake)
Launched in 2020, it allows users to exchange tokens and earn fees in return. CAKE is up nearly 33% year-to-date, bringing the 90-day return to over 5%.
As of this writing, CAKE is trading at $4.19, which is a market cap of more than $782 million. CAKE has an all-time high of $44.18 (April 2021) and an all-time low of $0.0002318 (September 2020).
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Curve DAO Token (CRV)
Launched in 2020, it is a decentralized stablecoin exchange that uses Automated Market Maker (AMM) to manage liquidity. CRV is up nearly 128% year-to-date, bringing the 90-day return to over 97%.
As of this writing, CRV is trading at $1.20, giving it a market cap of more than $870 million. CRV has an all-time high of $60.50 (August 2020) and an all-time low of $0.3316 (October 2020).
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Uniswap (UNI)
Launched in 2018, Uniswap is a decentralized trading protocol that facilitates automated trading of decentralized finance (DeFi) tokens. UNI is up over 36% year-to-date, bringing its 90-day return to nearly 31%.
As of this writing, UNI is trading at $7.17 for a market cap of more than $5.46 billion. UNI has an all-time high of $44.97 (May 2021) and an all-time low of $0.419 (September 2020).
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